Hasn’t the internet made life more manageable? The internet allows us to access knowledge, entertainment and more. We are now even able to use the internet to promote our businesses, shop online, and communicate with others worldwide. The internet has also revolutionized the way we manage our banking and pay our bills. Today you can even send money to India from your phone using a mobile app. Let’s take a look at the 4 most significant advantages of transferring money online.
1) Safe, Secure & Quick
Transferring money online has become not only more convenient for the public but safe as well. When transferring money online you don’t have to worry about someone running away with your hard-earned cash. Moreover, if there ever is a problem with having money transferred over, the company will inform you and refund all your money back so you will never have to face any issues. In case you didn’t know, sending cash online is probably the safest method there is till date. Furthermore, online bank transfer or money transfer is so quick that money can be received by the recipient almost instantaneously.
2) Reduced Service Charges
Wouldn’t you like to pay less to get your job done? When you transfer money using the bank-to-bank method or through an agency like Western Union, then you will have to pay a little more than you would when transferring money online. Therefore, sending money abroad is more inexpensive. One of the reasons behind this is that when transferring money via other methods you are charged a fee based on the total percentage on the amount of money you are sending over, whereas online you are charged a nominal sum on the total amount you wish to send, not the percentage.
3) Reduced Paperwork
With the world becoming more conscious of the dangers of deforestation to create more paper, many countries in the West are working towards going online for all their needs so that the amount of paper needed is significantly reduced. When you transfer money online there is no need to sign any documents and nor do you receive paper receipts. Everything transaction is held in an ‘archive’ that tells you the history of all the transfers you made and all receipts and proofs of transfer remain online; hence no paper is wasted.
4) Available Round the Clock
Have you ever had an emergency back home and needed to transfer money at 2 in the morning? Well with online transfer, you can transfer money at any time of the day or night regardless of where you are located. All you need to do is have your mobile phone with you and cash in your account to make a transfer. If you were to make a wire transfer then it’s essential for agencies like Western Union to be open, but with online transfer this is never a problem. Moreover, the person in need will quickly receive the money and fulfil their needs.